SHANGHAI, Oct. 23 (SMM) -- Silicon metal prices continued to climb during this week, with wide fluctuations, but spot transactions were weak, as downstream consumers purchased on as-needed basis. Mainstream traded prices were RMB 10,000/mt for #553 silicon and RMB 11,500/mt for #2202 silicon.
The growth rate in silicon prices was higher than previous prediction, and high production costs at smelters also drove up the willingness by smelters to raise prices. Domestic demand remained stable, as traders and downstream consumers have signed orders with smelters in advance in an attempt to minimize market risks. Export market remained weak, and both domestic exporters and overseas buyers hoped to break the deadlock in export market as soon as possible.
SMM predicts silicon market will remain stable with a sign of rise next week, and traded prices for #553-2202 silicon will be RMB 10,200-12,000/mt. Stock build-ups by smelters and traders will reduce market supply, helping support silicon prices.
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